Exchange rate
Read Naija News update on the official dollar rate in nigeria as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.
According to the data obtained from the FMDQ, where Naira is traded officially, the exchange rate between the naira and the US dollar opened at ₦417.90/$1 on Friday 6th, after it closed at ₦419.00 to a $1 on Thursday, 5th May 2022.
Naija News reports that the dollar to naira exchange rate has maintained an average of N416.69 to a dollar since the beginning of the new year.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N570 and sell at N590 on Friday, May 6th 2022, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 570 |
| Selling Rate | 590 |
The exchange rate between the naira and the US dollar opened at ₦417.90/$1 on 6th May, 2022 and closed at ₦417.00/$1. Showing a change of -0.48% and a daily turnover of $88.42 million.
According to data from FMDQ, forward rate went as high as ₦423.85 and as low as ₦414.00.
Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦410.03.
A spot exchange rate is the current price level in the market to directly exchange one currency for another, for delivery on the earliest possible value date.
The Federal Government has stated the country’s oil reserves increased by 0.136 billion barrels to 37.046 billion barrels as of January 31, 2022.
Naija News reports that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) made this known in a report released in Abuja on Friday.
In the report, the Chief Executive of NUPRC, Gbenga Komolafe, said Nigeria’s gas reserves also grew by 2.09 trillion cubic feet to 208.62TCF as of January 31, 2022.
Komolafe said the announcement was in line with the provisions of Sections 7 (i), (j), (k) and (r) of the Petroleum Industry Act 2021.
The NUPRC boss said the Act stipulated that all operating exploration and production companies were to submit their annual report of reserves to the commission.